05:35 PM EDT, 08/15/2024 (MT Newswires) -- TC Energy ( TRP ) on Thursday said it and partner Northern New England Investment, a subsidiary of Energir, closed the US$1.14-billion sale of their Portland Natural Gas Transmission System.

The company said it will receive about $750 million (US$545 million) in pre-tax cash for its 61.7% stake in the system. The buyers also assumed $345 million (US$250 million) of outstanding senior notes.

"Completing this transaction demonstrates continued progress towards delivering on $3 billion in asset divestitures and enhancing our balance sheet strength," TC Energy ( TRP ) Chief Executive Francois Poirier said.

TC shares closed up $0.31 to $60.19 on the Toronto Stock Exchange.